WIM INVESTMENT MANAGEMENT Ltd Takes $25.59 Million Position in Cloudflare, Inc. (NYSE:NET)

WIM INVESTMENT MANAGEMENT Ltd acquired a new stake in Cloudflare, Inc. (NYSE:NET) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 316,332 shares of the company’s stock, valued at approximately $25,588,000. Cloudflare accounts for about 10.8% of WIM INVESTMENT MANAGEMENT Ltd’s investment portfolio, making the stock its 4th biggest holding. WIM INVESTMENT MANAGEMENT Ltd owned 0.09% of Cloudflare at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in NET. Mizuho Markets Americas LLC raised its holdings in Cloudflare by 11.0% in the third quarter. Mizuho Markets Americas LLC now owns 116,667 shares of the company’s stock valued at $9,437,000 after acquiring an additional 11,600 shares in the last quarter. Empowered Funds LLC raised its holdings in Cloudflare by 7.7% in the third quarter. Empowered Funds LLC now owns 4,378 shares of the company’s stock valued at $354,000 after acquiring an additional 313 shares in the last quarter. CIBC Asset Management Inc raised its holdings in Cloudflare by 5.4% in the third quarter. CIBC Asset Management Inc now owns 10,629 shares of the company’s stock valued at $860,000 after acquiring an additional 545 shares in the last quarter. OneDigital Investment Advisors LLC raised its holdings in Cloudflare by 3.5% in the third quarter. OneDigital Investment Advisors LLC now owns 4,047 shares of the company’s stock valued at $327,000 after acquiring an additional 137 shares in the last quarter. Finally, Metis Global Partners LLC raised its holdings in Cloudflare by 5.1% in the third quarter. Metis Global Partners LLC now owns 3,786 shares of the company’s stock valued at $306,000 after acquiring an additional 183 shares in the last quarter. Hedge funds and other institutional investors own 82.68% of the company’s stock.

Cloudflare Price Performance

Shares of NET opened at $89.77 on Friday. The company has a debt-to-equity ratio of 1.32, a current ratio of 3.37 and a quick ratio of 3.37. The company’s fifty day moving average is $86.12 and its two-hundred day moving average is $80.83. Cloudflare, Inc. has a 1 year low of $66.24 and a 1 year high of $116.00.

Cloudflare (NYSE:NET) last announced its quarterly earnings data on Thursday, November 7th. The company reported ($0.03) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.03). The company had revenue of $430.08 million for the quarter, compared to analysts’ expectations of $423.65 million. Cloudflare had a negative net margin of 5.97% and a negative return on equity of 7.18%. On average, analysts forecast that Cloudflare, Inc. will post -0.11 earnings per share for the current fiscal year.

Insider Buying and Selling at Cloudflare

In other news, COO Michelle Zatlyn sold 35,117 shares of the company’s stock in a transaction on Tuesday, August 20th. The shares were sold at an average price of $83.74, for a total transaction of $2,940,697.58. Following the transaction, the chief operating officer now directly owns 192,177 shares of the company’s stock, valued at $16,092,901.98. This represents a 15.45 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Matthew Prince sold 52,384 shares of the company’s stock in a transaction on Wednesday, September 4th. The stock was sold at an average price of $78.06, for a total transaction of $4,089,095.04. Following the transaction, the chief executive officer now directly owns 10,761 shares in the company, valued at approximately $840,003.66. This trade represents a 82.96 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 578,316 shares of company stock valued at $49,124,681. 12.83% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on NET shares. Guggenheim raised their target price on shares of Cloudflare from $50.00 to $57.00 and gave the company a “sell” rating in a report on Friday, August 2nd. Wells Fargo & Company raised their price objective on shares of Cloudflare from $105.00 to $110.00 and gave the stock an “overweight” rating in a report on Friday, November 8th. Scotiabank raised their price objective on shares of Cloudflare from $85.00 to $87.00 and gave the stock a “sector perform” rating in a report on Friday, November 8th. Robert W. Baird raised their price objective on shares of Cloudflare from $94.00 to $100.00 and gave the stock an “outperform” rating in a report on Friday, August 2nd. Finally, Mizuho raised their price objective on shares of Cloudflare from $92.00 to $105.00 and gave the stock a “neutral” rating in a report on Thursday, October 17th. Four research analysts have rated the stock with a sell rating, twelve have given a hold rating and ten have given a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $92.88.

Cloudflare Company Profile

Cloudflare, Inc operates as a cloud services provider that delivers a range of services to businesses worldwide. The company provides an integrated cloud-based security solution to secure a range of combination of platforms, including public cloud, private cloud, on-premise, software-as-a-service applications, and IoT devices; and website and application security products comprising web application firewall, bot management, distributed denial of service, API gateways, SSL/TLS encryption, script management, security center, and rate limiting products.